How to start a successful ecommerce business when you are a newbie in this field? Launching an eCommerce website seems like a smart move in a world that’s being increasingly dominated by tech-savvy consumers. Modern shoppers enjoy the power to research, compare, and purchase different products without stepping out of their homes.
The pandemic has further shaped their purchase preferences and spearheaded them to online stores.
If you’re a small business owner, it’s only natural that you’d want to hop on the eCommerce bandwagon right away. As mentioned in BigCommerce’s blog, an online store can be instrumental in boosting sales and revenue. Also, it helps you gain a better understanding of your potential customers, and provide them with a seamless shopping experience.
But starting an eCommerce store isn’t as simple as listing a few products on an awesome-looking website. You must identify a profitable niche that appeals to you. Also, you need a rock-solid digital marketing strategy to attract and convert customers.
That begs an important question – how many products should your eCommerce website have?
In this blog post, we’ll delve deeper into the nuances of small business eCommerce and find out how many products your website needs for a successful launch. Let’s dive right in.
How Many Products Do You Really Need to Start a Small Business eCommerce Site?
How to start a successful ecommerce business: Getting Started
First things first – there’s no predefined formula to calculate the ideal number of products for your online store.
Of course, you’ll feel tempted to populate the website with hundreds of eye-catching products. But you need to keep in mind that consumers won’t magically turn up on your website, find the products they need, and place an order.
It’s up to you to deploy suitable marketing strategies to skyrocket sales for each product. Otherwise, even the best products will fail to generate any revenue. As a small business owner, you’re already hard-pressed for resources and manpower. Promoting a zillion products on social media platforms and search engines may not be feasible for you.
That’s why the key is to determine an optimal number of products your team can comfortably work with. You can begin by establishing a framework for the eCommerce store and assessing its business results. This will help you decide what kind of store you would want to build for yourself and how you would operate it. These are some of the questions you can ask yourself to get a better picture:
- Are there any hobbies that you can turn into a successful business model?
- Do you currently have any expertise in a certain type of product category?
- Are you facing a problem in your life that cannot be solved by the existing products available in the market?
- Are you passionate about meeting the demands of a particular market segment? Or do you wish to offer your support to a certain group?
- Do you already have a pre-established brand that you feel you can diversify?
There are many more questions that you must ask yourself before starting a brand. However, these questions would not only give you a business direction but also help you answer the question at hand: how many products would you want to showcase.
Depending on the number of products, your online store will fall into one of the following categories.
That’s right – even if you’ve got only one product, you can start an online store. The key is to ensure your product resolves the pain points and fulfills the needs of your target customers.
Starting with this approach makes it easier for small businesses to focus on product development and marketing. It eliminates the need to simultaneously promote multiple products and identify the best-performing ones.
Instead, you conduct market research and consumer surveys to identify an unfulfilled need in your target market. Thereafter, all you need to do is create a unique, life-changing product that bridges the gap.
Unless you’ve established your reputation as an eCommerce giant, you’ll have a hard time building credibility and trust with a generic online store. It’s always wiser to choose a distinct niche.
You can take things up a notch by identifying a specific subcategory within the niche that’ll resonate with your target audience.
With a focused niche store, you won’t need more than 20 products to launch your website. You can expand your offering based on the evolving needs of your customers.
These are the online stores that cater to different segments under a particular niche. So, if your target consumers include pet parents, a general niche store would cover products across different categories – from pet food and toys to pet accessories.
Of course, you’ll need more than a handful of products to start a general niche store.
Unless you’re well-versed in handling multiple digital marketing campaigns, this usually isn’t the smartest way to venture into eCommerce.
Launching Your Online Store: Things to Keep in Mind
Irrespective of whether you decide to build a single product or focused niche store, your success depends on how well you map your eCommerce journey.
Make sure you consider the following points before getting started.
The Potential of Your Niche
As a ground rule, you should choose a niche that offers great earning potential. But it’s just as important to keep your strengths, weaknesses, and passions in mind while selecting a niche for your online store.
From social media and email to search engines and beyond, you can use a wide array of online channels to promote your products. Analyze the preferences of your target customers, and select the channels they’re most likely to use.
Type of Platform
You can choose from a few different types of eCommerce platforms, including open source, SaaS, and headless eCommerce. Keep your budget, goals, and target audience in mind while choosing a platform to build your eCommerce site.
Now that you’ve got a hold of the concept of e-commerce and how many products you should launch, the next strategy would be to build up and scale your entire operations. You need to think about the kind of team that you want to hire. Train them properly so you’ll never have to deal with the underperformed staff later. Pay them well and provide them with regular paychecks. If you need to produce pay stubs, you can check out the paystub maker.
Building an eCommerce site is a great way to expand your reach, boost sales, and enhance customer experience. The right number of products for your online store depends on your goals, niche, and target audience.
Instead of flooding your website with too many products, focus on promoting a few that have the most potential to become top performers. Hope now you have the answer to the question – How to start a successful ecommerce business?